CHF 2.5M for Miloo Premium E-bikes

Geneva-based luxury e-bike specialist Miloo just closed a first round of financing of CHF 2.5 million with investors including Brunschwig Group (Bongénie-Grieder stores), a renowned international group and private investors. The funds will support the commercial deployment in Switzerland of the startup making all season, highly customizable e-bikes.

The CHF 2.5 million fundraising was led by Brunschwig Group (which manages the Bongénie-Grieder stores in Switzerland), a renowned international group and a private individual who wish to remain anonymous, will promote the deployment of Miloo on the Swiss and European market. To achieve this, Miloo will recruit more than ten new team members for its research, development, marketing, sales and administration departments. This entry of the Swiss group in Miloo's shareholding will allow the brand to be physically present in its prestigious stores in Geneva, Lausanne, Basel and Zurich.

In one year of activity and physical presence, the Geneva-based startup has seen its turnover reach CHF 1 million with 7 employees and estimates a potential turnover for 2022 of more than CHF 5 million. Miloo has the capacity to assemble 2,000 bikes and scooters and is one of very few e-bike brands to benefit from stock for 2022. 

"Thanks to this fundraising, Miloo will be able to expand throughout Switzerland in 2022," says co-founder Anna Bory. "Indeed, we will be able to count on our 2 'flagships stores' in Geneva and Zurich - which has just opened its doors, and two satellite stores in Lausanne and Basel. We are fortunate to have local partners in Lugano, Gstaad, Zermatt, Verbier, Crans-Montana, as well as strategic visibility partnerships such as the Gstaad Palace and the Cervo Hotel in Zermatt."

"Brunschwig Group is enthusiastic to invest in a young Geneva-based company whose entrepreneurial project is at the heart of a major problem of today's society: soft mobility. We are thus able to support an original and innovative concept by giving it the benefit of our experience in retail and high-end service", comments Pierre Brunschwig, Co-owner of Brunschwig Group

The mobility market is growing rapidly in Switzerland

The sector has been experiencing sustained growth for the past ten years. This has been reinforced by the health crisis and the wearing of masks, which has made the use of public transport difficult, the infrastructure changing and car journeys nightmarish. This growth is particularly real for the electric bicycle segment (+28.5%), where the undeniable increase in the fast category (assistance up to 45 km/h) stands out with an increase of 39.8% over one year1. The massive arrival of new brands and the current stock-outs in stores make this an exciting time for this industry in Switzerland.

(Press release - ES)